October Home Sales Report: New Listings Increase, Pending Sales Shrink Slightly

Thursday, November 15, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018, and this is normal for the Greater Chattanooga market. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory, and prices.

 

New Listings in the Chattanooga region increased 15.5 percent to 1,171, which is an encouraging sign after last month’s reported -6.7 percent.

Year-to-date New Listings are up 3.8 percent.

 

Pending Sales shrank slightly and were down 1.9 percent to 829. Year-to-date Pending Sales are up 2.4 percent. Closed sales rose again this month by 5.3 percent to 860 and year-to-date up 2.6 percent.

 

Inventory levels shrank 5.9 percent to 2,963 units. Days on Market was down 12.7 percent to 48 days and year-to-date down 15.3 percent. However, Sellers were encouraged as Months Supply of Inventory was down 7.9 percent to 3.5 months. While still lower than ideal, this slight drop in Months Supply of Inventory is the only month-to-month change in the single digits our region has seen in more than a year.

 

Prices continued to gain traction. The Median Sales Price increased 4.2 percent to $184,000. The Average Sales Price increased 1.2 percent to $213,306. The gradual, continued price increases are a result of low inventory, which can trigger multiple offers in some areas. Plus, the local market is holding steady at a mid- to upper-95 Percent of Original List Price Received.  

 

In October, stock markets experienced a setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This news is exceptional for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.


Keller Williams Commercial Appoints First Female Director

City Council Approves PUD For Development Of Single-Family Homes At Beason Drive

Geoff Ramsey: 4 Easy-Peasy Must-Do’s For Homeowners In December


After six years of serving as the commercial director of Keller Williams Realty, Robert Fisher has passed the torch to Lisa Brown. Ms. Brown, along with her business partner, Diane Patty, ... (click for more)

The City Council on Tuesday night approved a single-family home Planned Unit Development on Beason Drive after the number of units was trimmed from 64 to 51. Two acres of the 11.87-acre site ... (click for more)

In the midst of decorating, entertaining, and holiday parties, December is also a month to save. Yes, really. As the close of another year approaches, tackle these suggested four tasks from the ... (click for more)


Real Estate

Keller Williams Commercial Appoints First Female Director

After six years of serving as the commercial director of Keller Williams Realty, Robert Fisher has passed the torch to Lisa Brown. Ms. Brown, along with her business partner, Diane Patty, has served the Chattanooga area for nearly a decade. As commercial director, Ms. Brown will oversee all Keller Williams Commercial agents working in the Chattanooga area, act as the liaison ... (click for more)

City Council Approves PUD For Development Of Single-Family Homes At Beason Drive

The City Council on Tuesday night approved a single-family home Planned Unit Development on Beason Drive after the number of units was trimmed from 64 to 51. Two acres of the 11.87-acre site will be left as green space. Donna Shepherd, project engineer, said 17 percent of the site is steep slopes and much of that will not be touched. She said narrow Beason Drive will be ... (click for more)

Breaking News

State Dismisses All Charges Against Charles Toney In Controversial Arrest

The state on Tuesday morning dismissed all charges against aspiring rapper Charles Toney in connection with his arrest that led to a U.S. Department of Justice probe. The arrest on Dec. 3 on Donaldson Road was caught on video by a neighbor and went viral. It showed Toney being punched and kicked by an officer while he was handcuffed. District Attorney Neal Pinkston afterward ... (click for more)

Hamilton County Schools Announces New School Options And Timeline

For the 2019-2020 school year, Hamilton County Schools is opening enrollment to a select group of schools, “My Future Schools,” to which students across the district will be eligible to apply. Officials said, "Opening enrollment to these schools will provide students with a diverse range of options outside of their neighborhood zoned school. These schools will be in addition to ... (click for more)

Opinion

An Open Letter Concerning The Proposed Ooltewah Waste Treatment Facility - And Response (2)

The Hamilton County Water and Wastewater Treatment Authority and County Commissioner Tim Boyd want to build a sewage treatment plant in my backyard. I bought my house in Ooltewah in 1994, raised my children here and worked hard to pay it off. My home has been my small piece of the American Dream. Now, the WWTA and Commissioner Boyd want to reward my hard work by taking away about ... (click for more)

Roy Exum: A Real Christmas Miracle

There is a huge shopping mall in Wauwatosa, Wisconsin -- think of a suburb of Milwaukee -- and about two-to-three miles away from the Mayfair Mall is where the Children’s Hospital of Wisconsin is located. The fact the renowned medical center is in the vicinity of the mall is what we call “a salient point,” which are very important when a story is presented that many, many people ... (click for more)